Canada Pension Plan Investment Board, Toronto, and a private equity fund managed by BC Partners on Wednesday announced it had agreed to sell its combined 70% stake in the parent of cable TV provider Suddenlink to France-based telecommunications operator Altice.
The deal values Suddenlink at $9.1 billion, compared to the $6.5 billion valuation when CPPIB and BC European Capital IX bought parent Cequel Communications Holdings in 2012, said a joint news release from BC and the investment board.
The board, which manages assets of the C$238.8 billion ($199 billion) Canada Pension Plan, Ottawa, and the BC fund expect to receive proceeds of about $960 million.
CPPIB and BCEC IX will each retain a 12% stake in the company.
Other terms of the deal were not disclosed.
The sale is expected to close in late 2015 pending regulatory approval.
